Last week, Isodiol International, Inc. (CSE:ISOL) (OTCQB:ISOLF) released its fiscal year 2019 audited financial results. After realizing a profitable quarter, things were looking up for the company, which focuses on nutritional health benefits gained from hemp. But this week, ISOL stock is trading in the red, down nearly 5%.
Here's a catch-up, if you missed the company's financial results.
ISOL Stock Trades Lower Despite Profitable Quarter
On August 16, Isodiol International announced highlights from the fiscal year 2019, saying it is happy with several numbers. Total revenue increased 16.26% over the prior year, and total Q4 revenue came in at $9,089,401. Other highlights include gross profits of $7,378,194, and total operating expenses decreasing by $3,283,658.
“We have just realized our most profitable quarter to date and have reduced our operating expenses considerably, which will be seen in the first quarter of FY2020,” said Marcos Agramont, CEO of Isodiol International.
Agramont did address the losses experienced in the fiscal year 2019; he seemed to have a relaxed mentality about it. The CEO said the majority of the losses were caused by the company's shift in focus towards "higher-margin consumer products vs raw ingredient supply, prevention of massive shareholder dilution and protecting our future cash flows through divestitures.”
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But perhaps the CEO underestimated the impact these results would have on the market. According to Yahoo Finance, as of 10:42 AM EDT, ISOL stock is trading at $0.39; this puts ISOL stock down 4.88%.
Then again, things could soon turn around for the hemp stock. According to Agramont, good things are expected to come as the company heads into the fiscal year 2020. “Over the last several months we have sharpened our focus significantly, cut costs, curbed shareholder dilution and we believe the Company is in a strong position heading into FY2020 and beyond."
Takeaway
What did you think about the Isodiol fiscal year financial report? Are you surprised to see ISOL stock trading in the red this week? Let us know your thoughts in the comments below.
Featured image: PixaBay
